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CA. P. K. Goyal M. No. 080168

CA. P. K. Goyal M. No. 080168. Nomination for: CFO Award – Public Sector. Director (Finance) Indian Oil Corporation Limited. Indian Oil Corporation Limited Turnover (Sales) : FY 2011-12 : ` 4,09,957 crore

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CA. P. K. Goyal M. No. 080168

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  1. CA. P. K. GoyalM. No. 080168 Nomination for: CFO Award – Public Sector Director (Finance) Indian Oil Corporation Limited

  2. Indian Oil Corporation Limited • Turnover (Sales) : FY 2011-12 :` 4,09,957 crore (IOC remained highest ranked Indian Co. in Global Fortune 500 list with 83rd rank in 2012 as against 98th in 2011) • Net worth: As on 31.03.2012 : ` 57,877 crore • Market Capitalization: As on 31.03.2012 : ` 63,782 crore CA. P. K. Goyal Director (Finance) Indian Oil Corporation Limited

  3. Key Role in the Organization • Integrated Supply Chain planning i.e. Crude procurement & allocation, refinery production and logistics with a view to maximize Corporate Profitability • Finalising crude/product imports and product exports to maintain supply demand balance of IOC and group Companies • Arrangement of funds at optimum cost from domestic as well as international sources • Ensuring timely availability of Foreign Currency to meet import obligations • Appraisal, evaluation & concurrence of investment proposals for new projects and expansion for approval of Board. • Coordination with MOP&NG on pricing issues of sensitive products, review & monitoring of under-recovery of sensitive products.

  4. Key Role in the Organization • Monitoring Company's interest in Subsidiaries and Joint Ventures and exploring new business opportunities. • Ensuring preparation of Financial Statements in compliance with all Statutory laws. • Ensuring tax benefits & incentives under tax laws. • Monitoring of Applications development, Data management, Technology infrastructure, Telecommunication networks and Data centre operations. • Ensuring compliance with applicable guidelines in respect of Corporate Governance for achieving transparency and safeguarding the interest of all stakeholders.

  5. Major Achievements • Debt Re-structuring:By converting term borrowings into cheaper options resulted in savings of over Rs. 440 crore p.a. over the average life of the loan. • Benchmark Fund Raising: • Issue of 10 years long term foreign currency bond of USD 500 million in July’2011, a momentous deal, specially, with respect to: • the timing of launching the issue and • the record time of 30 days, within which the whole transaction was completed. • Followed by another significant deal in Dec’2011 in which USD 250 million were raised through syndicated loan market. • Cost Effective Funds Management: • Managing currency and purchasing it at rates even lower than CCIL and SBI • With a judicious mix of Rupee and FE borrowings the overall cost of borrowing was kept under 7% despite substantial increase in borrowings to Rs. 75,447 crore as on 31.03.12 • Raising funds through most efficient means such as Collateralised Borrowing and Lending Obligation (CBLO) - saving of interest over Rs. 45 crore • Record amount of funds were raised through Commercial Paper (CP). Fund raising through CPs went up as high as Rs. 23,000 crore at one point of time, which is a benchmark itself.

  6. Major achievements (contd….) • Forex Risk Management:Under the extreme volatile forex markets, foreign currency to the tune of USD 3.67 billion could be booked on forward basis due to spot decision making from time to time, which resulted into a gain of Rs. 120 crore to IndianOil. • Pro-active and Effective Co-ordination with Government: • Issue of 10 years long term foreign currency bond of USD 500 million in July’2011, a momentous deal, specially, with respect to: • the timing of launching the issue and • the record time of 30 days, within which the whole transaction was completed. • Excellence in Presentation of Accounts • ‘NIL’ comments on the accounts of IndianOil from auditors, including C&AG is one of significant achievements as a professional accountant. • IndianOil was one of the few Corporates to file the return in XBRL Format with MCA, much before the stipulated time.

  7. Major achievements (contd….) • Business Process Re-engineering: • Business to Business (B2B) implementation with HPC, BPC and ONGC to ensure smooth flow of business transactions at 140 locations. • Almost all cash transactions through electronic mode. More than 85% of collections (Rs. 4,13,000 crore) and 99% of total payments(Rs. 5,00,800 crore) have been converted to electronic mode. • In another significant initiative, Uniform and Single Payroll on SAP software across the Corporation has been implemented. • Diversification of Crude Oil basket: IndianOil imports about 52.64 million tonnes of crude oil. With the view to widening the crude basket several new crudes from different countries viz. Nigeria (Akpo Blend), Congo (Djeno), Angola (Saxi Blend), Iran (Sirri Export), Ivory Coast (Es Poir) & Qatar (Qatar land) were procured for processing in IndianOil’s refineries.

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